Retirement Concepts, once owned by Anbang Insurance Group, is now controlled by the Chinese government. (Black Press Media files)

Founder of Chinese company behind 21 B.C. seniors’ homes gets 18 years for fraud

Wu Xiaohui, former chairman of Anbang Insurance Group, was sentenced in Shanghai court

The founder of a Chinese company that was once the largest provider of retirement and care homes in B.C. has been sentenced to 18 years in prison after pleading guilty to fraud, according to state media.

Wu Xiaohui, the former chairman for Anbang Insurance Group, received his sentence in Shanghai Municipal No. 1 Intermediate People’s Court on Thursday. He had pleaded guilty to fundraising fraud and embezzlement of corporate funds.

Wu also had 10.5 billion yuan, or US$1.6 billion, seized.

State media reported the court found Wu had concealed his shareholder status, and had controlled the Anbang Property and Casualty Insurance Co., and the Anbang Insurance Group through several companies under his control.

In B.C., the Anbang Insurance Group controlled 21 retirement and care homes, as well as two in Alberta, through subsidiary Retirement Concepts from 2017 until the beginning of 2018.

The Canadian government approved Anbang’s purchase in February 2017, despite scrutiny by B.C.’s union representing hospital workers over the insurance company’s “unsustainable” global spending.

READ MORE: Union pleas for province to act on nursing home takeover by Chinese government

The Chinese Insurance Regulatory Commission seized control of the care homes last February because of the fraud charges.

Senior living communities in B.C. under the Retirement Concepts umbrella include:

Vancouver Island:

Beacon Hill Villa, in Victoria

Selkirk Seniors Village, in Victoria

The Wellesley, in Victoria

Comox Valley Seniors Village, in Courtenay

Casa Loma Retirement Village, in Courtenay

Nanaimo Seniors Village

Stanford Seniors Village, in Parksville

Lower Mainland:

Auburn Seniors Residence, in Chilliwack

Dufferin Care Centre, in Coquitlam

Guildford Seniors Village, in Surrey

Langley Seniors Village

Maple Ridge Seniors Village

Peace Portal Seniors Village, in White Rock

Renfrew Care Centre, in Vancouver

Rosemary Heights Seniors Village, in Surrey

Waverly Seniors Village, in Chilliwack

White Rock Seniors Village

BC Interior:

Kamloops Seniors Village

Williams Lake Seniors Village

Summerland Seniors Village


@ashwadhwani
ashley.wadhwani@bpdigital.ca

Like us on Facebook and follow us on Twitter.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

B.C. salmon farms challenge activists’ demands for site closures

News reporting also unfair, inaccurate and distorted

Comox Valley Child Development Association introduces Telethon ambassador

Leo Larmand — clad in a headband and multi-colored shorts, standing atop… Continue reading

Collaborative Perseverance Creek land purchase expands Cumberland Community Forest

Submitted to The Record A major land purchase for the Cumberland Community… Continue reading

Comox Valley Toy Library is re-opening

The Comox Valley Toy Library is re-opening on Saturday, Oct. 3 from… Continue reading

Comox Valley family a second-generation YANA family

It was early on a fall morning that Amber Van Der Mark… Continue reading

105 new COVID-19 cases, 1 death as health officials urge B.C. to remember safety protocols

There are currently 1268 active cases, with 3,337 people under public health monitoring

Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

B.C. VOTES 2020: Few solutions offered for ‘out of control’ camping

B.C. Liberals, NDP spend millions as problem keeps growing

National child-care plan could help Canada rebound from COVID-induced economic crisis: prof

A $2 billion investment this year could help parents during second wave of pandemic

Action demanded over death of First Nations youth in Abbotsford group home

Family and Indigenous organizations push for thorough investigation

Join Black Press Media and Do Some Good

Pay it Forward program supports local businesses in their community giving

B.C. nurses report rise in depression, anxiety, exhaustion due to pandemic

A new UBC study looks into how the COVID-19 response has impacted frontline nurses

Parksville pedestrian airlifted to hospital in Vancouver after nighttime collision

Police report man’s injuries were ‘significant’ but not life-threatening

Horgan frustrated as Transport Canada mandate for BC Ferry riders returns

Transport Canada reinstates rule that bans passengers from lower decks

Most Read